Self-Managed Strata in Vancouver: The Best of Both Worlds?

Condo living in Vancouver is how most of us live. Whether it’s a townhouse or an apartment, big or small, it’s most likely a strata. So, if you’re not a house owner, you’ll be dealing with a lot of rules and regulations within your strata complex. This naturally brings up a big question: How do we manage our strata?

Especially if you’re a smaller strata, you might be considering managing your strata yourself, becoming a self-managed strata. Of course, larger buildings usually aren’t self-managed. For obvious reasons, it would be incredibly difficult to coordinate all the payments and bylaws with just your strata council running things. You’d definitely need a professional company to help you with that.

However, if you’re a smaller townhouse complex with dedicated volunteers who are willing to step up and serve on the strata council, managing your strata yourself could be a great way to keep your strata budget costs down. So, in this blog post, let’s explore what you can definitely do as a self-managed strata, and some of the ways a professional property or strata management company can add significant value to your self-managed efforts.

Why Go Self-Managed?

As mentioned, cost savings are a primary driver for people to choose self-management. When strata owners take on administrative tasks themselves, it can eliminate some of the fees that strata managers typically charge. If you’re a smaller building, your needs are generally simpler, and the management can often be handled effectively by volunteers. Communication between owners is also usually simplified.

You also get more control and transparency because everyone is more directly involved in the approval process and enforcement of bylaws. In that sense, if you have good communication within your group, it creates a great dynamic, and you can definitely manage your building effectively.

Self-management also creates a wonderful opportunity to build a stronger community and become closer as neighbours. Since you’re already living together, having a shared sense of community and getting together to discuss your needs can add that personal touch. You’re not just living next door to each other; you actually get to know each other and collaborate on how you want your strata complex to be run.

Where Professional Strata Management Can Help

While self-management has many benefits, there are key areas where a property management company can truly add value. We often find that some of our self-managed strata clients come to us specifically for help with:

• Financial and Budget Management: This can include managing the budget, running Annual General Meetings (AGMs), and preparing financial statements. We can step in to handle these crucial financial tasks, ensuring accuracy and compliance.
• Bylaw Enforcement and Advice: We also provide advice on any new regulations that strata corporations are required to adhere to. Our expertise ensures compliance, mitigating risk and helping you avoid costly mistakes. Our strata managers can recommend best practices based on years of experience, drawing from what we see across many clients, and keeping up-to-date with the BC Strata Property Act.
• Strategic Planning: Long-term planning can be incredibly valuable. A property management company can serve as a sounding board, advising on what needs to be done (and what doesn’t) to ensure the long-term health and value of your building.

Ultimately, self-managed strata corporations, especially smaller ones, are a totally reasonable and often beneficial option in Vancouver, where many smaller stratas are being built. However, an additional layer of benefit and support can be offered by strata managers precisely when needed.

If you’re currently managing your strata but are finding it hard to communicate with other owners, or if you’d simply like to step away from the day-to-day management of your strata, we can help. We offer custom solutions and can create a package specifically for your building. 

Get in touch with us; we’d be happy to visit you and suggest the ultimate option where you can save money on strata fees while ensuring you have foundational advisory support to manage your strata effectively and efficiently.

Get in touch today for a free consultation.